Top Crypto Analyst Says Bitcoin Dominance Poised to Break Out, Spelling Trouble for Altcoins

2023-8-16 21:00

Rekt Capital, a top-notch analyst renowned for his insights on Twitter, recently shared his observations on Bitcoin’s dominance in the cryptocurrency market. He pointed out that Bitcoin’s dominance is currently undergoing a retest within a specific red zone.

This phase of retesting might be nearing its end, suggesting that Bitcoin’s dominance could soon be on the rise again. An increase in Bitcoin’s dominance typically indicates a decrease in the value of other cryptocurrencies, commonly referred to as altcoins.

Therefore, if Bitcoin’s dominance continues to surge, it could negatively impact the valuations of altcoins.

In a subsequent tweet, the well-known trader posed an intriguing question: What if Bitcoin’s dominance is shaping up to form a Bull Flag? This technical pattern often signals a potential upward breakout. If Bitcoin’s dominance does break out from this Bull Flag formation, it could spell trouble for altcoins. Such a breakout would likely be detrimental to their value.

Furthermore, Rekt Capital highlighted the significance of Bitcoin’s monthly close price. If Bitcoin closes the month around the $29,250 mark, it would solidify this price point as a resistance level. This could potentially lead to a downward trend for Bitcoin. However, it’s essential to note that the monthly close price can fluctuate due to the inherent volatility associated with this price level.

As we approach the end of August, the expert trader emphasized that Bitcoin hasn’t provided enough evidence to counter the possibility of a Double Top formation. A Double Top is a bearish reversal pattern, and its invalidation would be crucial for Bitcoin’s future price trajectory.

You can view our Bitcoin price prediction here.

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The post Top Crypto Analyst Says Bitcoin Dominance Poised to Break Out, Spelling Trouble for Altcoins appeared first on CaptainAltcoin.

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Источник: captainaltcoin.com

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How rising Bitcoin dominance invalidates many crypto assumptions

Key Takeaways Bitcoin dominance has risen above 50%, having started the year at 42% Traditionally, dominance falls while market prices are rising in the sector, marking the year 2023 out as unusual  This hammers home how Bitcoin is still finding its feet, and why prudence needs to be taken when extrapolating past performance to the […] The post How rising Bitcoin dominance invalidates many crypto assumptions appeared first on CoinJournal.

2023-8-11 14:50


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Here’s Why the Bitcoin Dominance Index Based on Market Capitalization Might Not Mean Much

Data from CoinMarketCap shows Bitcoin dominance below 70 percent but in reality, the number could be a lot higher. Unlimited Altcoin Token Supply Makes Market Cap a Meaningless Metric In a report by BTSE Academy, a free Bitcoin learning platform, there are better ways to get Bitcoin’s dominance apart from using the popular market capRead MoreRead More.

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